After weeks of tensions, Russian President Vladimir Putin ordered Russian troops to invade Ukraine.
Brent futures, already trending higher before the crisis, hit $105/b on February 24 before retreating and
closing at $99/b on the day as all the signals were indicating that the sanctions imposed on Russia
would not target its crude oil and natural gas sales. But as sanctions on Russia intensified and as
financial institutions started to refuse financing Russia-related transactions, including opening letters of
credit or clearing payments and as some companies became reluctant to purchase Russian crude,
Brent on March 2 (the time of writing) was trading above $110 for the first time since 2014.